China sentenced a former billionaire hedge fund manager, Xu Xiang, also known as “hedge fund brother No. 1” and "China's Carl Icahn", to five and a half years in prison for stock-price manipulation, in one of the country’s most high-profile cases following the 2015 market rout.
According to Credit Suisse, pension funds that rebalance monthly and quarterly would need to sell $38BN in US stocks in coming days to rebalance to prior asset allocation levels, adding the "estimated rotation out of domestic U.S. equities would be one of the largest on record."
Well this was a "no brainer."The Wall Street Journal reports that billionaire investor Carl Icahn is expected to be named special adviser to the president on overhauling federal regulations, according to people familiar with the matter.
Following the news that Steve Mnuchin would be US Trasury Secretary, Wall Street analysts offered mixed predictions on which policies Donald Trump’s choice for Treasury secretary may pursue, as they have little to go on other than Mnuchin’s background with Goldman, buying/selling the former Indy Mac.
Having turned decidedly bullish in the immediate aftermath of the Trump victory, his supporter Carl Icahn said the strong rally in U.S. stocks since last Wednesday's "shocking" event might be overdone, however he added that investors can expect the president-elect to be a consensus builder who can help fix Washington and improve the economy. "When it runs up like this, I scale off a little bit," Icahn said adding "that doesn’t mean that I am that negative or positive."
"The reality is that if the political system cannot provide the change that people seek, then eventually and inevitably, revolution becomes the only option for change. And revolution always extracts a very high price on those that have been in power."